Praram 9 Hospital Public Company Limited (SET: PR9) has released its financial results for the first quarter of 2026, revealing a period of top-line growth offset by increased operational investments aimed at long-term scalability. The company reported total revenue of THB 1,302.4 million, representing a 4.1% increase from THB 1,251.2 million in the same period last year.
The revenue boost was primarily driven by the company’s successful expansion into international markets. Revenue from international patients grew by 9.5%, now accounting for 26% of total hospital operating revenue. Management identified patients from the Middle East and the CLMV region (particularly Myanmar) as the primary growth drivers. This was most evident in the “contract client” segment, which saw a significant 20.2% jump in revenue. Thai patient revenue also saw a modest increase of 1.7%.
Despite the healthy revenue growth, PR9’s bottom line faced pressure. Net profit for 1Q26 fell to THB 184.5 million, an 8.0% decrease from the THB 200.5 million recorded in 1Q25. Consequently, the net profit margin contracted from 16.0% to 14.2%.
The decline in profitability is largely attributed to proactive spending. Costs of hospital operations rose 5.9% to THB 831.2 million, driven by higher medical personnel expenses intended to support expanded service capacity and specialized medical centers.
Furthermore, selling and administrative expenses climbed 9.3% to THB 248.6 million. This was fueled by aggressive marketing and public relations efforts to strengthen PR9’s brand internationally, alongside ongoing investments in human resources and information technology.
While EBITDA declined by 2.6% to THB 306.9 million, the company maintains a robust financial position with a current ratio of 3.8x and a debt-to-equity ratio of just 0.2x. These results indicate that PR9 is prioritizing strategic positioning and infrastructure to capture a larger share of the international medical market, even at the cost of short-term margin compression.
